Senate Bill S4026

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4026
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 31, 2025
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in relation to creating a  disabled  person
   retrofit tax credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
 subsection (bbb) to read as follows:
   (BBB)  DISABLED  PERSON  RETROFIT  TAX  CREDIT.  (1) FOR TAXABLE YEARS
 BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-SIX, A TAXPAYER
 SHALL BE ALLOWED A CREDIT,  TO  BE  COMPUTED  AS  HEREINAFTER  PROVIDED,
 AGAINST  THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL
 BE EQUAL TO THIRTY PERCENT OF THE COST OF THE EXPENDITURES MADE  BY  THE
 TAXPAYER WITH RESPECT TO THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A
 DWELLING  OCCUPIED BY THE TAXPAYER AS THEIR PRIMARY RESIDENCE AND MAY BE
 ALLOWED IN THE TAXABLE  YEAR  IN  WHICH  THE  EXPENDITURE  IS  INCURRED;
 PROVIDED  THAT THE LIFETIME CREDIT ALLOWABLE WITH REGARD TO EXPENDITURES
 FOR THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A PARTICULAR  DWELLING
 BY  ANY TAXPAYER SHALL NOT EXCEED FIVE THOUSAND DOLLARS IN THE AGGREGATE
 FOR IMPROVEMENTS MADE TO THAT DWELLING. SUBJECT  TO  THE  PROVISIONS  OF
 THIS  SUBSECTION,  A  TAXPAYER  SHALL BE ALLOWED A CREDIT, NOT TO EXCEED
 FIVE THOUSAND DOLLARS IN THE  AGGREGATE,  FOR  EACH  DWELLING  THAT  THE
 TAXPAYER  OCCUPIES  AS THEIR PRIMARY RESIDENCE AND AT WHICH THE TAXPAYER
 INSTALLS QUALIFIED IMPROVEMENTS.
   (2) AS USED IN THIS  SUBSECTION  "QUALIFIED  IMPROVEMENTS"  MEANS  THE
 INSTALLATION OF:
   (A)  A  NO-STEP  ENTRANCE  OR ENTRANCES ALLOWING ACCESS INTO THE RESI-
 DENCE;
   (B) INTERIOR PASSAGE DOORS PROVIDING AT LEAST A THIRTY-TWO  INCH  WIDE
 OPENING;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07618-01-5
 S. 4026                             2
              

 
   (C)  REINFORCEMENTS  IN  BATHROOM  WALLS ALLOWING INSTALLATION OF GRAB
 BARS AROUND THE TOILET, TUB AND SHOWER; AND
   (D) LIGHT SWITCHES AND OUTLETS PLACED IN LOCATIONS ACCESSIBLE TO DISA-
 BLED PERSONS.
   (3)  IF  THE  AMOUNT  OF  CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL
 EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE CARRIED  OVER
 TO  THE  FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S
 TAX FOR SUCH YEAR OR YEARS.
   (4) (A) THE PROVISIONS OF THIS  SUBSECTION  SHALL  NOT  APPLY  TO  ANY
 DWELLING OWNED SOLELY FOR COMMERCIAL PURPOSES. IN THE CASE OF A BUILDING
 WHERE  LESS  THAN  THE  ENTIRE  BUILDING  IS  USED AS A RESIDENCE OF THE
 TAXPAYER, ONLY THE PORTION OF THE TOTAL EXPENDITURES MADE IN THE  BUILD-
 ING  THAT  IS  ATTRIBUTABLE  TO  THE  RESIDENCE OF THE TAXPAYER SHALL BE
 TREATED AS QUALIFIED EXPENDITURES FOR THE PURPOSES OF THIS SUBSECTION.
   (B) IF THE TAXPAYER OCCUPIES THE DWELLING AS THEIR  PRIMARY  RESIDENCE
 FOR ONLY A PORTION OF A TAX YEAR IN WHICH A CREDIT UNDER THIS SUBSECTION
 IS  CLAIMED,  THE  AMOUNT  OF  THE  ALLOWABLE CREDIT SHALL BE REDUCED IN
 PROPORTION TO THE AMOUNT OF TIME THE TAXPAYER DID NOT OCCUPY THE  DWELL-
 ING AS THEIR PRIMARY RESIDENCE.
   (C)  IN  THE CASE OF A DWELLING THAT IS OWNED BY AND IS A RESIDENCE OF
 TWO OR MORE PERSONS, OTHER THAN A  SPOUSE,  THE  PORTION  OF  THE  TOTAL
 EXPENDITURES  MADE IN THE REHABILITATION OF THE BUILDING THAT IS ATTRIB-
 UTABLE TO EACH TAXPAYER SHALL BE EQUAL TO THE TAXPAYER'S SHARE OF OWNER-
 SHIP IN SUCH BUILDING.
   (5) THE TAXPAYER SHALL FURNISH SUCH INFORMATION  AS  THE  COMMISSIONER
 DETERMINES IS NECESSARY TO DETERMINE ANY CREDIT UNDER THIS SUBSECTION.
   (6)  THE  AGGREGATE AMOUNT OF TAX CREDITS ALLOWED SHALL BE ONE MILLION
 DOLLARS EACH YEAR. SUCH AGGREGATE AMOUNT OF CREDITS SHALL  BE  ALLOCATED
 BY  THE  DEPARTMENT  AMONG TAXPAYERS IN ORDER OF PRIORITY BASED UPON THE
 DATE OF FILING. IF THE TOTAL AMOUNT OF ALLOCATED CREDITS APPLIED FOR  IN
 ANY  PARTICULAR YEAR EXCEEDS THE AGGREGATE AMOUNT OF TAX CREDITS ALLOWED
 FOR SUCH YEAR UNDER THIS SECTION, SUCH EXCESS SHALL BE TREATED AS HAVING
 BEEN APPLIED FOR ON THE FIRST DAY OF THE SUBSEQUENT YEAR.
   § 2. This act shall take effect immediately and  shall  be  deemed  to
 have  been  in  full  force  and  effect  on  and after January 1, 2026;
 provided further, this act shall apply to all tax years commencing on or
 after January 1, 2026.